Brazil oil-unitization rules block $120 bln in investment -IBP

RIO DE JANEIRO Jan 25 (Reuters) - Brazil's lack of clear
rules for the unitization of oilfields is delaying the
development of as many as 10 billion barrels of oil and gas and
about $120 billion of investment, Jorge Camargo, head of
Brazil's oil industry association IBP said on Monday.

Unitization, the process of joining different or competing
oil rights in an oilfield into a single unit, is required under
Brazilian law, but existing regulations have complicated or
prevented this from happening, stopping development in some
areas, Camargo said in a conference call.

Camargo, who spoke on a conference call with journalists
after meeting with Brazilian President Dilma Rousseff today in
Brasilia, said he is optimistic she plans to move quickly to fix
the unitization rules and present a stimulus package for the
industry as its struggles with low prices.
(Reporting by Jeb Blount; Editing by Andrew Hay)